9 min read
[tutorial, bch wallet]
Setting up your first cryptocurrency wallet is an important step to take, but it can be an intimidating experience. There are a lot options, jargon, things to backup secretly, passphrases and - best of all - if you make a mistake you could lose your crypto, forever. 🙃
But don't worry, this article will take you through the full process of setting up your wallet and sending your first transactions. You'll likely do this many times, so it's worth understanding the basic steps of the process. It gets easier each time.
We'll go over installing, setting up, backing up, restoring, receiving, and sending cryptocurrency, on both desktop and mobile wallets. For this introduction, we'll use the Bitcoin Cash (BCH) blockchain, the Electron Cash desktop wallet, and the bitcoin.com mobile wallet.
Other wallets also work, but we suggest using a BCH Wallet with SLP for this tutorial.
Bitcoin Cash (BCH) is an ideal blockchain to start with due to it's long legacy, active development on the protocol and application levels, expanding use-cases in retail, similarities to Bitcoin (BTC), and very low transactions fees. The low transaction fees are especially valuable when starting as they allow users to experiment with sending to themselves, friends or services with small amounts before committing to larger value transactions. This way you're able begin receiving, sending, and using crypto as currency immediately without worrying about high transaction fees or long confirmation times.
Almost all cryptocurrency wallets follow the same pattern for the basics - create, backup, send, receive, restore. The learnings from this guide can be applied and followed along with most other cryptos or wallets of your choice.
Electron Cash and the BitcoinCom Mobile wallet are some of the more full-featured Bitcoin Cash (BCH) wallets, while also being easy to use. These wallets allow all of the basic operations, while also providing seamless privacy features, SLP support, point of sale support and other unique features. Electron Cash is perfect as a computer wallet with its strong privacy, advanced coin control, flexible usage, and a large number of BCH specific features to discover. Whereas the BitcoinCom wallet is a perfect on-the-go wallet with multiple accounts, SLP token support, Bitcoin (BTC) wallets, point of sale features, and an extremely fast backend.
Note that both of these wallets are focused towards specific blockchains, with Electron Cash supporting only BCH, and BitcoinCom Wallet supporting BTC and BCH. Chain-focused wallets are important for learning as they usually have chain-specific features. Some of which to look out for: reusable addresses, slp token, coin control, CashShuffle/CashFusion, and more. When a wallet supports many blockchains, they usually only implement the basics for each (send, receive) and rarely expose users to the unique aspects of each blockchain.
Crypto users commonly store multiple coins in a multi-currency wallet -, and hold a smaller amount of specific currencies in single coin wallets for active or daily use.
Hurray, Electron Cash is installed and you're ready to join the BCH party. Let's get the wallet setup and secured.
Create a new seed
Write down the seed phrase, and keep them very, very, private.
tragic convince era road before... etc etc
Backup the wallet seed phrase and derivation path
wallet > view seed > copy derivation path
Once those steps are done, Electron Cash is ready for use, click around and explore the UI. Next, let's get a mobile wallet installed and some free BCH from a faucet to practice with.
Seed phrases should always be kept secret, they are all someone needs to gain access to your crypto assets. All addresses derived from a compromised seed phrase/wallet should be considered public and not used for anything or store any assets.
Similar to the setup steps, but instead of generating a new seed phrase, use an existing phrase - one you backed up when setting up a wallet.
If the seed phrase was created from the same wallet you're restoring with, then this should just work. If not, you may need to enter the derivation path the wallet was created with. Usually this is standardized across a coins different wallets, but nothing prevents wallets from being created on non-standard paths. If you didn't back up the derivation path with the seed phrase, and the restoring wallet cannot determine the path, then hopefully you remember which wallet created the seed and the derivation path can be researche from there.
Now for the fun part. Receiving, sending and using Bitcoin Cash (BCH).
Let's get some BCH by heading to the bitcoin.com BCH faucet, and installing wallet.bitcoin.com on your phone to qualify for free Bitcoin Cash (BCH).
Alternatively, you can buy some crypto, but a faucet is easy for starting with no investment.
Faucets usually give away very small amounts of a crypto, just enough to pay for 1-3 transactions worth of fees. Enough to try using p2p crash and see how easy and fast it can be.
Go to the receive tab.
That's it. You now have two wallets setup, one for Mobile, one for Desktop, and successfully sent funds between them. With micro amounts, sure, but you can send any amount to anyone using the same process. With desktop and mobile wallets setup, and practice sending funds between them, you have a pretty good wallet setup in the works.
A few things to notice.
In Electron Cash's addresses tab one of the addresses now has funds, and in the receiving tab the QR code shows a new address
When the transaction arrives it's status is unconfirmed, when it's confirmed in a block the confirmations increase by 1 and so on.
Your Receiving Address begins with bitcoincash:,
Now you're the proud owner of a micro amount of Bitcoin Cash (BCH), know how to keep it secure, and can spend it with confidence, but what can you do with this micro-amount? Turns out, a few things. Here are a few ideas.
Simple Ledger Protocol (SLP) is a rapidly growing token ecosystem within the Bitcoin Cash (BCH) space. It's already being used for experiments in tipping [$SPICE], token mining [$MIST], stable coins [$USDH, $USDT], exchange tokens [$DROP] and new ones being created every day. To start using SLP token, you need to use an SLP compatible wallet. The Bitcoin.com mobile wallet is already SLP compatible, but for Electron Cash - at least for now - you'll need to install a specific SLP version.
Repeat all the setup and backup steps from earlier
There is a lot more wallets can do, we've only touched the surface. Explore the menus and see if you can enable CashShuffle, spend individual coins (coin control), change the fiat currency conversion, turn on quick-send, claim a CashAccount, etc etc.
Each wallet has a different set of features, so explore each one to find new features.
Each wallet shows their relevant transaction history, but if you want more details on individual addresses or transactions, you can use a block explorer. There are many to choose from, but here are two good ones to try... Just enter the address or transaction ID to look at
You can also try spotting your transaction happen on the blockchain with our TX-Watch tool.
Thanks for reading this article, we hope you're now able to better understand how to use digital cash. Follow our Twitter for updates. If you'd like to suggest an improvement, correction, or anything else, get in contact with us.
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